Netflix leaders doubled down Monday on their intention to acquire part of Warner Bros. Discovery, while also looking to alleviate concerns in Hollywood about the blockbuster deal's potential impact on the movie business.

In a regulatory filing, Netflix co-CEOs Greg Peters and Ted Sarandos pledged that the streaming giant would continue to release movies to theaters.

"We haven't prioritized theatrical in the past because that wasn't our business at Netflix," the pair said in a letter addressed to Netflix employees, highlighting the company's strategic pivot. "When this deal closes, we will be in that business."

"We're strengthening one of Hollywood's most iconic studios, supporting jobs, and ensuring a healthy future for film and TV production," they added.

Peters and Sarandos also expressed optimism that Netflix's proposed $83 billion purchase of Warner Bros. Discovery's TV and film assets will win government regulatory approval. Warner is home to the storied movie studio that created hits like "Barbie" and popular franchises such as "The Hobbit" and "Harry Potter."

The letter comes as Netflix faces a competing bid from Paramount Skydance (the parent company of CBS News), which on December 8 launched a hostile bid to buy all of Warner Bros. Discovery for roughly $108 billion. Unlike Netflix, Paramount is also offering to buy Warner's cable brands, which include CNN, Discovery Channel, HBO, TBS and TNT.

Netflix declined further comment.

The company's offer has drawn criticism from lawmakers including Sen. Elizabeth Warren, a Democrat from Massachusetts, who said in a statement earlier this month that a Netflix-Warner Bros. deal would "create one massive media giant with control of close to half of the streaming market."

"We expect the regulatory review process to focus on the market share within the larger television landscape, but also likely identify how important the production of new content is for the potential combined players when determining the ultimate power the new entity would hold in Hollywood and across the U.S.," analysts with investment advisory firrm MoffettNathanson said in a report. "Similarly, we would expect the European regulators to focus on market power for production along with streaming subscriber market share."

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